The Central Bank of Nigeria (CBN), on Thursday announced the approval by the Federal Government for banks to sell foreign exchange to intending Muslim pilgrims at concessionary rate of N160 per U.S. dollar as Pilgrims Travelling Allowance (PTA).
According to a circular signed by CBN Director, Trade and Exchange Department, Olakanmi Gbadamosi, each of the 66,000 intending pilgrims is entitled to purchase a minimum of $750 or maximum of $1,000 as PTA.
The circular with reference: TED/FEM/FPC/GEN/01/016, dated August 13, 2015, added that for pilgrims buying above $1,000, the difference shall be bought at the prevailing naira exchange rate to the US dollar on the day of the purchase.
The CBN stated that the banks are not allowed to charge any commission for the sale of PTA to the intending pilgrims.
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